FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 670 units @ $60 per unit $40,200 Purchases: January 10: 670 units @ $54 per unit January 20: 1,020 units @ $60 per unit Sales: January 12: 900 units January 28: 800 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold $34,200 $ 103,380
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Transcribed Image Text:Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 670 units @ $60 per unit $40,200 Purchases: January 10: 670 units @ $54 per unit January 20: 1,020 units @ $60 per unit Sales: January 12: 900 units January 28: 800 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold $34,200 $ 103,380
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